November 9, 2017 Mr. Ed Stubbins Fuller & Thaler Asset Management, Inc.

November 9, 2017

Xx. Xx Xxxxxxxx

Xxxxxx & Xxxxxx Asset Management, Inc.

000 Xxxxx Xxxxxx, Xxxxx 000

Xxx Xxxxx, XX 00000

Re: Liquidation Fee Cap for Xxxxxx & Xxxxxx Funds

Dear Ed,

The purpose of this letter of agreement (“Letter Agreement”) is to provide a limit on the liquidation fee described in Section 8.3.G. (“Liquidation Fee”) of the Master Services Agreement (“Agreement”) between Capitol Series Trust (the “Trust”) and Ultimus Fund Solutions, LLC (“Ultimus”) entered into on behalf of the Xxxxxx & Xxxxxx Funds listed on Schedule A of the Agreement. Pursuant to our discussions, we agree that the Liquidation Fee described in Section 8.3.G. of the Agreement shall not exceed $10,000 per fund for the Xxxxxx & Xxxxxx Funds listed on Schedule A of the Agreement. To be clear, the Liquidation Fee is Ultimus’ fee for managing the liquidation and does not include any out of pocket expenses, deregistration fees, legal fees, or other expenses which may be incurred as a result of a liquidation.

If you agree with the terms described above, please execute this Letter of Agreement below.

		Capitol Series Trust On behalf of all Xxxxxx & Xxxxxx Funds listed on Schedule A to the Master Services Agreement						Ultimus Fund Solutions, LLC
By:		/s/ Xxxxxxx X. Xxxxxx				By:		/s/ Xxxxxx X. Xxxxxx
Name:		Xxxxxxx X. Xxxxxx				Name:		Xxxxxx X. Xxxxxx
Title:		President				Title:		Chief Executive Officer – Managing Director
		Xxxxxx & Xxxxxx Asset Management, Inc.

By:		/s/ Xx Xxxxxxxx
Name:		Xx Xxxxxxxx
Title:		Partner